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Lucy, Esq.
Lucy, Esq., Attorney
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what is the time period for Reversal of Direct Deposit in

Customer Question

what is the time period for Reversal of Direct Deposit in NJ
Submitted: 2 years ago.
Category: Business Law
Expert:  Lucy, Esq. replied 2 years ago.
Hi,

My name is XXXX XXX I'd be happy to answer your questions today.

Most banks are going to have their own policies on how long they can reverse a direct deposit that is received. That isn't set by the law. From a legal standpoint, if there is a written authorization that allows the direct deposit in the first place, there is a clause in there that allows the deposit to be withdrawn if the deposit turns out to be in error. They could really take it out at any time before the relevant statute of limitations expired - which would be six years in New Jersey (assuming the account was still open). But many banks aren't going to allow a withdrawal of a deposit made that long ago. You may want to ask your bank what their specific policy is.
Customer: replied 2 years ago.
Relist: Inaccurate answer.
Expert:  Lucy, Esq. replied 2 years ago.
What, specifically, about the answer did you find to be inaccurate?
Customer: replied 2 years ago.
U have mentioned ....
They could really take it out at any time before the relevant statute of limitations expired - which would be six years in New Jersey (assuming the account was still open).

When i googled the net , I see information that direct deposit reversal cannot happen more than 60 days of the transaction ?
Expert:  Lucy, Esq. replied 2 years ago.
I said, contact your bank, because every bank has different policies, and that's not set by the law. You posted in the legal forum, and I gave you the legal answer - there isn't a law on this, other than that a person can collect a debt within the relevant statute of limitations. But banks will have limitations on what they are willing and able to do. I once worked for a large bank that could only see 60 days of activity and would not reverse a direct deposit outside that time frame. But that's not set by the law, and I can't speak for every bank out there based on that one experience. That's why you should talk to your bank to find out what they can or cannot do.
Customer: replied 2 years ago.
I spoke to BOA claims department and they said they dont have any policy like that .

If you see the below link , the answer to question 1 is more relevant to my question

http://www.expertlaw.com/forums/showthread.php?t=118764
Expert:  Lucy, Esq. replied 2 years ago.
The link that you posted says:
The SOL to reclaim the money by other means is much, much longer. I know of no state save Washington where it is under two years, though I have not had reason to research every state.

I said, in New Jersey, the statute of limitations is six years, which should be more useful to you, in New Jersey, than "It's probably at least two years, unless you're in Washington." If Bank of America is your bank, and they don't have a policy, then a direct deposit can be reversed at any time before the statute of limitations expires. When you sign something authorizing a direct deposit, again, you also authorize the company to take the funds out if the deposit is in error. If you have a dispute with the company, then you are free to sue the company for the amounts that they took that you believe they are not entitled to. Your question is very general, so I don't know if you're looking to collect from the bank, but they didn't do anything wrong.

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